All right, so if you're a homeowner in Patchogue or Medford this information is going to be for you. I want to show you how the market is doing in your area as of today.  https://www.youtube.com/watch?v=uZIkD_MISl0&t=12s The…

Mortgage Rates increasing cause the buyer to have an increase in cost of housing. When mortgage rates decrease the price of homes will increase as well as the competition.

Headlines are Misleading for Suffolk County, NY Real Estate

In our part 1 video/blog, we talked about how the buyer activity level has decreased in recent weeks. We went from seeing 50-100 buyers in the first week of a property hitting the market, to seeing 15-20 buyers in the first week of hitting the market. That has been a significant drop in buyer activity from what we saw during the pandemic, yet we are still in a sellers market. Before the pandemic hit, we were in a hot sellers market, and 15-20 showings in week one is very similar to the level of activity we were seeing pre covid-19. However, eviction moratoriums along with layoffs, unemployment, furlough, and forbearance are all significant factors that remind us of the financial crisis of 2007-2008. These are new factors that were not present in the real estate market pre covid-19. So how much of an impact will these factors have? Comparing things such as inventory, foreclosures & forbearance, along with interest rates & affordability can help realtors, consumers, sellers & buyers determine if we are headed towards the financial crisis all over again.